The U.S. Postal Service (USPS) announced Tuesday that turned a profit in the first quarter of the fiscal year in part due to a surge in deliveries around the holiday.
The USPS said in a statement that over 1.1 billion packages were delivered during the holiday season, helping drive $318 million in net income for the quarter to Dec. 31. The agency lost $748 million in the same period one year ago. Total revenue rose 11.1 percent to $21.5 billion.
“Our strong growth in package volume during the holiday quarter shows how dramatically our business and revenue mix is shifting,” said Postmaster General Louis DeJoy
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The USPS has found itself in a highly-publicized fiscal hole, a situation that was thrust into the spotlight during the 2020 presidential elections.
DeJoy, a GOP fundraiser with ties to former President Trump
Donald TrumpDOJ to seek resignations of most Trump-appointed US attorneys: report Trump attorney withdraws request to not hold impeachment trial on Saturday Kinzinger in op-ed calls on GOP senators to convict Trump in impeachment trial MORE, had sought to make cutbacks to deliveries and other services in what he said was an attempt to save money. However, critics said the moves would curtail the USPS’s ability to deliver and return mail-in ballots that were expected to heavily favor now-President Biden
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DeJoy continued to call for broad changes to how the USPS operates, saying it still faces an uphill climb to remain consistently profitable.
“While our positive financial results this quarter are certainly welcome, we continue to face systemic imbalances that make our current operating model unsustainable, and the economic impacts of the COVID-19 pandemic will continue to challenge the organization. It is essential that the Postal Service adopts comprehensive reforms so that we are able to meet the changing needs of our business and residential customers, and ensure our ability to provide reliable, universal mail and package delivery for all Americans,” he said.
The Link LonkFebruary 10, 2021 at 08:32AM
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Postal Service posts profits after surge in holiday deliveries | TheHill - The Hill
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